OTC Vitamins and Dietary Supplements Market – Key Insights
- The global OTC vitamins and dietary supplements market grew at nearly 6% during 2012-2016 and surpassed US$ 75 billion in 2018. Growing inclination towards preventive healthcare remains a key driver for over-the-counter (OTC) vitamins and dietary supplements market.
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- The global OTC vitamins and dietary supplements market is likely to grow at a significant rate of 6.6% in 2019 through 2018.
- North America, led by the US, will continue to remain the largest market for OTC vitamins and dietary supplements.
- APEJ is likely to emerge as the most attractive region for OTC vitamins and dietary supplements market, and is expected to expand at an impressive CAGR of 7.4% during 2017-2022.
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What’s Driving the OTC Vitamins and Dietary Supplements Market?
- OTC vitamins and dietary supplements are generally sold without any medical prescription and have been gaining widespread acceptance for delivering desired body nutrients that help improve an individual’s diet, body endurance, and muscle strength. This is one of the primary factors influencing growth of the OTC vitamins and dietary supplements market.
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- Government initiatives in healthcare infrastructural development along with introduction of favorable policies are likely to impact the popularity and expansion of OTC vitamins and dietary supplement market.
- OTC vitamins & dietary supplements industry is focusing on improving the functionality of these drugs through innovations in product formulation, which in turn may create potential growth prospects of the market.
- Proliferating aging population, changes in lifestyles, and emerging trends of self-directed consumers are considered to be the additional factors driving the growth of global OTC vitamins and dietary supplements market.
- Sales of OTC vitamins and dietary supplements are anticipated to witness a steady growth in emerging economies, on the back of rising consumer awareness regarding the nutritional value and health benefits of these products.
- Economic growth and increasing disposable income in countries such as China and India also have a significant influence on the performance of OTC vitamins and dietary supplements industry. Consumers in these regions are more likely to shift towards premium supplements and spend on a greater variety of goods, lifting the revenue of OTC vitamins and dietary supplements market.
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- Self-medication for the treatment of minor health issues is one of the key trends in OTC vitamins and dietary supplements market, while convenience of direct purchase and cost effectiveness continue to augur well with the global expansion of the market.
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What are the Challenges Impeding the Expansion of OTC Vitamins and Dietary Supplements Market?
- Growth in number of adulterated and misbranded products along with mislabeling claims and other scandals have reduced consumer confidence in OTC vitamins and dietary supplements. Raising concerns among key regulatory bodies such as Food and Drug Administration (FDA) has led to a rise in industry-specific regulations which may pose a potential threat to the growth of OTC vitamins and dietary supplements market.
- Stringent regulations by government organizations regarding safety and efficacy of OTC vitamins and dietary supplements have delayed the approval, eventually restricting the market growth.
OTC Vitamins and Dietary Supplements Market – Competitive Landscape
- In March 2019, Archer Daniels Midland Company (ADM) acquired, one of the world’s leading manufacturers of natural citrus oils and ingredients – Florida Chemical Company. With the acquisition, ADM aims to add high-value citrus capabilities to support its customers with citrus flavor and enhance the growth of its nutritional portfolio.
- In February 2019, Jubilant Life Sciences’ subsidiary, Jubilant Biosys announced to expand its collaboration with Sanofi for a new integrated drug discovery in CNS therapeutic area. The collaboration is aimed at addressing unmet needs in neurological diseases.
- In June 2018, BASF SE entered into a partnership with Xerion to advance personalized nutrition in Asia Pacific. In the collaboration, Newtrition®, BASF’s human nutrition brand was granted exclusive distributorship for PUFAcoatTM Omega-3 Index test kits, the Xerion’s proprietary technology.
Other key players operating in the OTC vitamins and dietary supplements market include Koninklijke DSM N.V., Reckitt Benckiser LLC, Otsuka Holdings Co. Ltd., CSPC Pharmaceutical Group Limited, Sanofi S.A., Atrium Innovations, Inc., E. I. du Pont de Nemours and Co., Bactolac Pharmaceutical, Inc., Dil Limited., GlaxoSmithKline plc., Pfizer, Inc., and Lonza Group Ltd.